Nifty daily chart technical analysis
Nifty spot index on last trading session closed at 6695 with gain. On daily chart, nifty price trend and momentum both are bullish. In last week, 4 sessions was positive and 1 session was negative for nifty. For next week, nifty support zone 6628 and 6510 are strong support zones while on upside expect resistances at 6755 and 6880.
On downside, 6260 is major average and above it, short-term trend will remain bullish for nifty. Daily chart indicators are bullish but in overbought zones so keep tight stop loss for all long positions and encash the momentum.
Nifty weekly chart technical analysis
Nifty spot index this week closed with huge gains. This week nifty spot hit low at 6510, which is also open of this week. Weekly high was at 6702. Total 200 points or 3% plus weekly swing and closed with gain. This week fresh breakout was seen above 6680 and now nifty is heading towards 6950 and 7240 levels. Weekly chart price trend and momentum both are strong bullish but prices near overbought zones so investors must cap profits with protective stop losses in place. In last 8 weeks, nifty rallied from 5900 to 6700, which is 800 points, 13%+ gains in very short time, suggests bull market for index.
On chart, 6680 and 6345 are strong supports for nifty and above 6045; nifty medium and long-term bull trend will remain intact.